Below you will find the answers to some of the most frequently asked questions regarding property purchase in Romania.
Yes, foreign nationals can freely buy and sell property in Romania. In fact, over the past decade, as Romania has progressed into a fully fledged EU nation, the government has actively worked to fully liberalise laws governing the ownership and sales of real estate.
Despite the global economic downturn, Romanian property can offer many investors a fertile arena in which to generate profits from their real estate. With supply falling woefully short of demand in prime Bucharest locations as well as in some tourist resorts, both homebuyers and buy-to-let investors are tapping into a relatively buoyant market.
Although they have leveled off slightly, prices are still increasing due to high demand and this trend is expected to continue, particularly in sought-after locations. World-class construction projects are now underway throughout the country, both in the residential and commercial sectors, bringing with them new jobs and further economic growth – all great news for property buyers in Romania.
Since January 2007, Romania has been a member of the EU and, after its depressed Ceausescu days, it is now a fiercely democratic state, encouraging EU unity and NATO integration. Its political agenda strongly supports foreign investment; in fact, Romania has attracted a 100% increase in FDI from January to April 2008, compared with the same period in 2007. 55% of foreign investments in Romania go to the capital city of Bucharest.
Romania is a constitutional republic with a multi-party parliamentary system. A four party government coalition is made up of liberals, democrats, conservatives and the Hungarian minority. In December 2006, the conservatives departed from teh coalition, leaving a minority government. Currently, the liberal Prime Minister, Calin Popescu Triceanu, runs a liberal/Hungarian minority government which won a confidence vote in April 2007. The democrats are now in opposition, while the next general election is due by December 2008, with the next presidential elections scheduled for 2009.
The most popular way to reach Romania is by air. The country is easily accessed using a wide variety of budget and scheduled flight services from many European airports. Romania’s national airline is ‘Tarom’ and its international airports are:
The largest airlines flying to Romania are Austrian Airlines flights to Romania, Lufthansa flights to Romania, and SkyEurope Airlines flights to Romania
WizzAir will begin operating budget direct flights from Cluj to Paris in December 2008, connecting even more consumers in Western Europe. A new WizzAir base will be set up in Romania in 2009 creating a bright future for budget air travel to the nation.
Direct flight time from most European cities is approximately 2 hours.
For stays of up to three months, EU visitors are not required to have a visa to enter Romania, although a valid passport is always needed.
For periods longer than 3 months, a registration certificate must be issued by the Romanian Authority for Aliens.
US citizens are granted 90 days of stay without a visa within a given six month period, after which time they will need to obtain an exit visa.
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